It added that the economic outlook "depends significantly" on the nature of Brexit, specifically new trading arrangements and whether the transitions is smooth or abrupt.

In the minutes of its meeting, the MPC said: "Since the Committee’s previous meeting, key parts of the EU withdrawal process had remained unresolved and uncertainty had intensified.

"Businesses had appeared increasingly to be responding to Brexit-related uncertainties, and there were some signs that those uncertainties might also be affecting households’ spending and saving decisions."

The MPC also unanimously voted to maintain its stock of UK government bond purchases at £435bn and its stock of corporate bonds at £10bn.